Inherited IRA Beneficiary(ies)
Can a non-spousal beneficiary designate a successor beneficiary on his/her Inherited IRA in the State of CT ? Wouldn’t this ‘stretch’ the IRA? Thank you…
Can a non-spousal beneficiary designate a successor beneficiary on his/her Inherited IRA in the State of CT ? Wouldn’t this ‘stretch’ the IRA? Thank you…
Permalink Submitted by Alan - IRA critic on Wed, 2013-03-13 03:39
I doubt there is any state where a successor beneficiary cannot be named on the IRA agreement. All that would do is force the death benefit into the first beneficiary’s estate. But a successor beneficiary on a non spousal inherited IRA will not change the RMD schedule. The successor beneficiary will have to use the first beneficiary’s remaining life expectancy for RMDs.
Permalink Submitted by Carrie Szymanski on Wed, 2013-03-13 04:13
Thank you for your quick response !! How can I verify if my state allows ? I went onto the State website, but could not find anything regarding this topic. Thank you.
Permalink Submitted by Alan - IRA critic on Wed, 2013-03-13 04:39
I would check with your IRA custodian. They keep track of any unique state restrictions that may exist.
Permalink Submitted by Carrie Szymanski on Thu, 2013-03-14 01:05
One bank in town allows it and another one does not. I’ll dig deeper. Thank you very much for you help !!